s Miller Toy Companry manufactures e piestc swimming pool ot ito Westwood Plant. The plart has beon experiencing probloms an shown by its June contribution format income statement below 73, 420a.o0D Cont ibat margin .0a, 000 Contains direct materials, direct lebor, and veriable monufacturing overmeod Janet Dunn, who has just been appointed general manager of the Westwood Piam, has been given instructions to "get things under control Upon reviewing the plant's income stetement, Ms. Dunn has concluded that the major problem lies in the varisble coat of scanaaud standard Tios Based on machine-hours. During June. the plant produced 6,000 pools end incurred the following costs: a Purchesed 24,800 pounds of materials at a cost of $275 per pound. b. Used 19.600 pounds of materials in production (Finished goods and work in process inventories are insignificant and can be ignored e Worlked 4200 direct lebor-hours at a cost of $6.00 per hour menufecturing overheod cost totaing $7,200 for the month & total of 3,300 mechine-hours was recorded t is the companys policy to close al veriances to cost of goods sold on a monthly besis. Required t Compute the following veriances for June: a. Meteriols price and quantity variances b. Lebor rate and eficiency variances c Verinble overheed rete and efficiency variances. that you computed in (9 above by showing the net overall favorable or unfavorebie varniance for the manth Complete this question by entering your nswers in the tabs below. Mickley Corporation produces two products. Alpha6s and Zeta7s, which pass through two operations, Sintening and Finishing. Each of the products uses two raw materalsX442 and Y661 The company uses a standard cost system, with the following standards for each product (on a per unlt basis) Standard Labor Tine 42 Alpha6 2.0 kilos 4.0 kilosSTO11ters 3.4 liter 0.20 houTs 0.80 houEs 0.25 hoESO-90 hours information relating to materials purchased and materials used in production during May follows: Purchase Standard Purchases 15,900 kilos $55,650 3.30 per kilo 10,400 kilos 16,900 liters 23, 660 $1,50 per 1iter 15,800 litets The following additional Information is avallable: a The company recognizes price vartances when materials are purchased. b. The standard labor rate is $22.00 per hour in Sintering and $20.50 per hour in Finishing c. During M worked in Finishing at a totai labor cost of $68,400 d. Production during May was 2,500 Alpha6s and 1400 Zeta7s Required: 1. Complete the standard cost card for each product, showing the standard cost of direct materials and direct labor Compute the matertals price and quantty variances for each material. 3. Compute the labor rate and efficiency varlances for each operation Complete this question by entering vour answers in the tabs bel Req 1 Req 2 Req 3 Complete the standard cost card for each product, showing the standard cost of direct materials and diredt laber, (Round your answers to 2 decimal places.) Price or Rate Cost per klo per Wer per hour ters Direct materials- Direct labor-Sintering i Marvel Parts, Inc, manufactures auto accessories. One of the company's products is a set of seat covers that can be nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that have been set for the seat covers, the factory should work 1060 hours each month to produce 2120 sets of covers. The standard costs associated with this level of production are: adjusted to fit Direct materials 43, 460 $20.50 9,540 4.50 2.20 $27.20 Direct isbor Variable manufscturing overhead (based on direet 1sbor-hours During August, the factory worked only 500 direct labor-hours and produced 2,200 sets of covers. The following actual costs were recorded during the month: (8,000 yards) Diret materials Direct labor Variable ranufacturing overhead 5,50 $44,000 $20.00 $10,340 2.50 At standard, each set of covers should require 2.5 yards of matenal. All of the materials purchased during the month were used in production. Required: 1. Compute the materials price and quantity variances for August. 2 Compute the labor rate and efficlency variances for August. 3. Compute the variable overhead rate and efficiency variances for August (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None variance). Input all amounts as positlve values.) for no effect (.e., zero Materials price varisnce Materisis quantity variance 2. Labor rate variance efficiency variance Variable Variable overhead efficiency variance overhesd rate variance s Miller Toy Companry manufactures e piestc swimming pool ot ito Westwood Plant. The plart has beon experiencing probloms an shown by its June contribution format income statement below 73, 420a.o0D Cont ibat margin .0a, 000 Contains direct materials, direct lebor, and veriable monufacturing overmeod Janet Dunn, who has just been appointed general manager of the Westwood Piam, has been given instructions to "get things under control Upon reviewing the plant's income stetement, Ms. Dunn has concluded that the major problem lies in the varisble coat of scanaaud standard Tios Based on machine-hours. During June. the plant produced 6,000 pools end incurred the following costs: a Purchesed 24,800 pounds of materials at a cost of $275 per pound. b. Used 19.600 pounds of materials in production (Finished goods and work in process inventories are insignificant and can be ignored e Worlked 4200 direct lebor-hours at a cost of $6.00 per hour menufecturing overheod cost totaing $7,200 for the month & total of 3,300 mechine-hours was recorded t is the companys policy to close al veriances to cost of goods sold on a monthly besis. Required t Compute the following veriances for June: a. Meteriols price and quantity variances b. Lebor rate and eficiency variances c Verinble overheed rete and efficiency variances. that you computed in (9 above by showing the net overall favorable or unfavorebie varniance for the manth Complete this question by entering your nswers in the tabs below. Mickley Corporation produces two products. Alpha6s and Zeta7s, which pass through two operations, Sintening and Finishing. Each of the products uses two raw materalsX442 and Y661 The company uses a standard cost system, with the following standards for each product (on a per unlt basis) Standard Labor Tine 42 Alpha6 2.0 kilos 4.0 kilosSTO11ters 3.4 liter 0.20 houTs 0.80 houEs 0.25 hoESO-90 hours information relating to materials purchased and materials used in production during May follows: Purchase Standard Purchases 15,900 kilos $55,650 3.30 per kilo 10,400 kilos 16,900 liters 23, 660 $1,50 per 1iter 15,800 litets The following additional Information is avallable: a The company recognizes price vartances when materials are purchased. b. The standard labor rate is $22.00 per hour in Sintering and $20.50 per hour in Finishing c. During M worked in Finishing at a totai labor cost of $68,400 d. Production during May was 2,500 Alpha6s and 1400 Zeta7s Required: 1. Complete the standard cost card for each product, showing the standard cost of direct materials and direct labor Compute the matertals price and quantty variances for each material. 3. Compute the labor rate and efficiency varlances for each operation Complete this question by entering vour answers in the tabs bel Req 1 Req 2 Req 3 Complete the standard cost card for each product, showing the standard cost of direct materials and diredt laber, (Round your answers to 2 decimal places.) Price or Rate Cost per klo per Wer per hour ters Direct materials- Direct labor-Sintering i Marvel Parts, Inc, manufactures auto accessories. One of the company's products is a set of seat covers that can be nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that have been set for the seat covers, the factory should work 1060 hours each month to produce 2120 sets of covers. The standard costs associated with this level of production are: adjusted to fit Direct materials 43, 460 $20.50 9,540 4.50 2.20 $27.20 Direct isbor Variable manufscturing overhead (based on direet 1sbor-hours During August, the factory worked only 500 direct labor-hours and produced 2,200 sets of covers. The following actual costs were recorded during the month: (8,000 yards) Diret materials Direct labor Variable ranufacturing overhead 5,50 $44,000 $20.00 $10,340 2.50 At standard, each set of covers should require 2.5 yards of matenal. All of the materials purchased during the month were used in production. Required: 1. Compute the materials price and quantity variances for August. 2 Compute the labor rate and efficlency variances for August. 3. Compute the variable overhead rate and efficiency variances for August (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None variance). Input all amounts as positlve values.) for no effect (.e., zero Materials price varisnce Materisis quantity variance 2. Labor rate variance efficiency variance Variable Variable overhead efficiency variance overhesd rate variance